In Spain recorded a record increase in prices since 1992. Inflation in the country accelerated and increased by 5.6 percent in November compared to the same period 2020, reports Bloomberg.
Increasing the level of inflation in Spain was mainly due to the increase in food prices and energy. The Agency notes that the record price increase since 1992 also creates additional pressure on the European Central Bank (ECB).
Member of the Executive Board of the European Central Bank Isabel Schnabel at the end of November stated that the inflationary risks of European countries continue to grow. She also noted that the rise in prices in the eurozone reaches a peak in November, then the level drops below the target indicator of ECB inflation in two percent.
In late September, the country survived the maximum price increase since 2008, then annual inflation in September increased by 4 percent. At its acceleration influenced the cost of electricity in Europe. Gas prices grew due to lower supplies from Russia and Norway, and energy demand increased against the background of economic recovery after a pandemic.
At the same time, analysts from Jpmorgan stated that Spain lags behind Europe at the average economic growth rate. According to analysts, consumption in the country turned out to be lower than their expectations, they reduced their forecast for the growth of Spain’s economy for 2021 from 6.3 percent to 4.5 percent. The official statistical agency of Spain also reduced the increase in GDP from 2.8 percent to 1.1 percent for 2021.